Marketing Mix Of Marketing Management

Marketing mix is a business term that refers to the tool used in marketing. Utilizing marketing mix when determining a product or brand goes hand-in-hand with the 4P 's price, product, promotion, and place. Marketing mix is required for organizations when planning or implementing new marketing strategies. When planning an effective market strategy it is essential to utilize these elements to develop an effective plan..

Abstract In this paper I will define what a good marketing mix requires and describe how a company uses this process to market their product. I have chosen Anytime Fitness as my company to do my paper on. Anytime Fitness is a unique style of fitness club that is in a very competitive market place. Their marketing mix focuses on all of the four P's to attract customers. They locate small neighborhood clubs close to where people live and work. They are a no frills workout center that offers weights and cardio equipment. This allows people with busy lifestyles to workout whenever they have time. Anytime Fitness also offers a very good pricing plan for individuals and families.

The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that

Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.

As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,

Product, Price, Place and Promotion also commonly known as the 4P’s are the major factors or tools with which a firm or an organisation operates in the market by offering a superior value proposition to its clients and customers and thus earning value back from them in return to achieve the objectives of its shareholders. These 4P’s are combined together to form the marketing mix of a firm.

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

The report is tasked to take an in-depth look at the marketing environment in which our chosen organization, bskyb operates within. The report is further tasked to identify why complacency should have no place in the complex competitive market in which bskyb operates. In order to address the issues at hand, the report will establish and identify the elements of bskyb marketing mix and outline the necessity to continuously “explore various possibilities of improving their activities towards satisfying the needs and wants of their target market”.

Marketing mix is one of the most popular terms of the management. Marketing mix includes several terms like place, price, product and promotion these factors hold the key and known as Four P’s and even though there are some other factors like people, process and physical evidence. Any organization either a profit-making or non profit-making has to analyse and understand all these factors because they play a vital role in the marketing environment.

In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to "the four Ps" of marketing which are product, price, place, and promotion (Kotler & Keller, 2006). When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer, then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company.

Marketing management is a process of planning and executing the conception, promotion, pricing and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is a process which involves analysis, planning and implementation. It also involves the control of goods, services and ideas. The goal of marketing management is to provide satisfaction for parties involved. Marketing management’s task is to influence the timing, level and composition of demand in a way that will help the organization to achieve their objectives.

The marketing mix was also another useful tool that determined the success of the business enterprise. Bagley et al (2011:264) define the marketing mix as a decision making tool for deciding how to manage customers’ relationship by providing goods and services to meet their required needs. Sutherland and Canwell (2007:13) point out that the marketing mix is a balance between the four main elements needed to carry out marketing strategy. The four elements include product, price, promotion and place. The use of these elements of the marketing mix had a great effect on the business success.

The 4 P’s of marketing concept has a long and distinguished lineage and is widely acknowledged as the cornerstone of the discipline. Its development is credited to a prolific marketer, E. Jerome McCarthy who proposed the 4P classification in the late 50’s (Schultz, 2001, p.7). Associated with price, product, promotion, and place, this business tool has served as a mantra for marketing managers and those in the marketing field to identify and provide consumer needs (p.7). Researchers established that the model offers a method of managing the functional activities of an organization: the product development, distribution through the channels, the price and margins and the promotional or communication flow (p.7).

These elements are the basic elements of marketing plan and overall it is known as 4P 's. (marketing mix, 2009)

Marketing mix refers to the enterprise for their target market needs, control various marketing factors (product, price, place and promotion) to optimize the combination and comprehensive utilization, in order to accomplish better economic and social benefits (Chai, 2009, p.4). Place and product will be attached more importance in this section.